{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":75,"pdf_page":113,"physical_index":113,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"84c616e302337b5439ee130b347fbe22ac707a57dc49ae6ac9f022ccb81591d0"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"支撑这些链条运作的一系列机构通过货币基金和回购市场与经济的其他部分相连。前者类似于一种准货币。它们以通常流动性很强的房地产信贷和商业票据（对公司的短期信贷）投资的形式向家庭和企业（以及公共机构）提供报酬。回购市场也是短期贷款市场。它们被证券化，因为借款人向贷方提供股权作为抵押品，相当于贷款加上风险计算（Ragot，2013，pp.389-393)。这些货币市场是2008年金融危机蔓延的主要渠道，当它们突然枯竭时，就阻碍了家庭和企业获得信贷以及银行间相互获得信贷。\n\n总的来说，影子银行的运作方式在传统银行的期限转换和信用质量转换等功能基础上，又增加了一项流动性转换的功能。具体而言，影子银行将零散贷给个人和企业的贷款进行组合，由于结合了不同类型的风险（例如不同的期限、不同的借款人类型)，这些组合成的新证券能够比单个贷款标的以更高的价格出售。当然，评级机构提供的信用评级也为这些证券的流通性提供了背书……\n\n对经典银行体系监管框架的背离，无疑为美国银行业注人了新的活力。然而，它也带来了更大的不透明和风险衡量的缺失，借款人和储蓄人之间的关系变得难以评估。最终，这导致了我们现在都知晓的灾难性后果。在大西洋彼岸，欧洲传统大型银行在影子银行的国际化进程中发挥了关键作用（Plihon et\n\n第四章 虚拟资本在当代的崛起\n\n75","previous_page":74,"next_page":76}